Wednesday, October 28, 2020

New Profit launches $6 million Future of Work Grand Challenge


Boston-based venture philanthropy organization New Profit has announced the launch of a $6 million challenge aimed at identifying and funding promising solutions serving displaced and underinvested workers.

With the goal of reskilling twenty-five thousand workers over the next two years and helping prepare twelve million Americans from underinvested communities for workforce success by 2025, the Future of Work Grand Challenge will feature two related prize competitions: the Rapid Reskilling XPRIZE, a $5 million, thirty-month competition focused on identifying solutions that can help displaced workers access the knowledge and skills they need to thrive in the new economy; and the Reimagining Pathways to Employment in the U.S., a six-month initiative of MIT Solve and the Morgridge Family Foundation aimed at sourcing online solutions that help workers assess their skills, find jobs in high-growth industries, and get placement support.

As a partner in the challenge, Jobs For The Future will equip five innovation-oriented workforce boards to deploy the winning solutions and technologies to one million displaced workers. Partners in the challenge include the Walmart Foundation, Strada Education Network, the Annie E. Casey and Joyce foundations, Lumina Ventures, the Siegel Family Endowment, Accenture, IBM, CSU Global, and Gary Community Investments.

“No matter how you look at it, the future of work is now. In launching this prize, we have a rare opportunity to accelerate solutions that are built by diverse teams and work for the communities most impacted by centuries of unfair policies and practices,” said Angela Jackson, a partner at New Profit and co-lead of its Future of Work strategy. “The Future of Work Grand Challenge partnership provides a critical inflection point to shape the economy of the future.”


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